by selling an article for rs2500 a man gain 20%, find his gain
Answers
Calculating Gain
Answer: Gain on selling article is 416.67.
Explanation:
given that selling price of article = Rs2500
On selling the article gain% = 20%
Need to determine the gain.
gain of 20% means gain of 20% of cost price
so first we need to determine the cost price of the article.
lets assume cost price of the article be represented by variable y.
selling price = cost price + gain %
=> selling price = cost price + 20% of cost price ( as gain = 20%)
=> 2500 = y + 20% of y [ since selling price = 2500 and assumed cost price = y ]
=> 2500 = y + (20/100)y
=> 2500 = y + (1/5)y
=>2500 = y + y/5
=> 2500 = 6y/5
=> (2500 × 5) /6 = y
=> y = 12500/6 = 2083.33
so cost price = y = 2083.33
gain = 20% of cost price = (20/100) x 2083.33 = 2083.33/5 = 416.67
Hence gain on selling article is 416.67.
we can check are solution by adding cost price and gain which should be equal to selling price
=> cost price + gain = 2083.33 + 416.67 = Rs 2500 which is equal to given selling price.
Hence our solution is correct.
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